Fоr many who qualify, military home loans in San Diego, aka the VA loan program is the best possible mortgage.
Backed by the U.S. Department of Veterans Affairs, VA loans are designed to help active-duty military personnel, veterans and other groups become homeowners at an affordable cost.
VA military loans in San Diego ask for no down payment, requires no mortgage insurance, and have lenient rules about qualifying, among many other advantages.
Provided one is on the fence about veteran and military home loans in San Diego, here are the top five VA loan benefits:
No down payment on VA military home loans in San Diego
Most home loan programs require one to make at least a small down payment to buy a home.
The VA home loan is an exception.
Rather than paying 5%, 10%, 20%, or more of the home’s purchase price upfront in case, with a VA loan one can finance up to 100% of the purchase price.
Military home loans in San Diego, known more regularly as the VA loan, are a true no-money-down home mortgage opportunity.
1. No mortgage insurance for VA military home loans in San Diego.
Typically, lenders require one to pay for mortgage insurance if one makes a down payment that’s less than 20%.
This insurance – which is known as private mortgage insurance (PMI) for a conventional loan and a mortgage insurance premium (MIP) for an FHA loan – would protect the lender if one defaulted on the loan.
Military home loans in San Diego require neither a down payment nor mortgage insurance.
That makes a VA-backed mortgage very affordable upfront and over time.
2. One’s VA loan amount in San Diego has a government guarantee!
There’s a reason why the VA loan comes with such favorable terms.
The Federal Government guarantees these loans – meaning a portion of the loan amount will be repaid to the lender even if one is unable to make monthly payments for whatever reason. This guarantee encourages and enables private lenders to offer VA loans with exceptionally attractive terms.
3. One can shop for the best VA military home loans in San Diego by rates.
VA military loans are neither originated nor funded by the VA.
They are not direct loans from the Government, either.
Mortgage rates for military home loans in San Diego are not set by the VA itself, instead, VA loans are offered by U.S. banks, savings-and-loans institutions, credit unions, and mortgage lenders – each of which sets its own VA loan rates and fees.
This means one can shop around and compare loan offers and still choose the VA loan that works best for one’s budget.
4. Military home loans in San Diego do not have a prepayment penalty!
A VA loan won’t restrict one’s right to sell the property part way through the loan term.
There’s no prepayment penalty or early-exit fee no matter within what timeframe one decides to sell the home.
5. Lastly, there are no restrictions regarding a refinance of one’s VA loan.
One can refinance an existing VA loan into another VA loan via the agency’s Interest Rate Reduction Refinance Loan (IRRRL) program, or switch into a non-VA loan at any time.
Provided one is active-duty or Veteran, in the army or one of the other departments, consider locking in today’s low-interest rates and get help applying for military home loans in San Diego, today.
Equis Mortgage Group NMLS #2009443 / DRE #01438695
David LePari, Broker NMLS #2027739
Company Name: Equis Mortgage Group, LLC
Contact Person: David Lepari
Email: Send Email
Phone: (619) 368-0941
Address:11440 WEST BERNARDO COURT, SUITE 300
City: San Diego
Country: United States